Wednesday , November 25 2020

Kushner Company Posted in Federal Loan Search For $ 1.15 Billion Real Estate Deal

Real estate business Jared Kushner is looking for federal funding for $ 1.15 billion real estate deal, Bloomberg reports.

Kushner Cos. Having been in discussions with federal lenders Fannie Mae and Freddie Mac have been given support to buy more than 6,000 rented apartments in 16 properties in Maryland and Virginia from Lone Star Fund's private equity company, two sources told Bloomberg. It is not clear how much money the company is trying.

The company's biggest deal in more than a decade, The Wall Street Journal.

Kushner Cos said president. Laurent Morali told the Journal that the company intended to lend around 70 percent of the cost of a Lone Star package. Kushner Cos said. "To run a competitive process" to select a lender, the Journal reported. It seems that Morali did not talk about the federal lenders to the Journal.

His son-in-law left President Donald Trump's management role at Kushner Cos and he was excluded from some assets in the family business when he became a senior member of the White House. At the time, the company held more than $ 500 million in loans from Fannie Mae and Freddie Mac, according to Bloomberg.

But Kushner remains a key player in the company and deals with real estate. The real estate holdings and other investments of Kushner and his wife, Ivanka Trump, were worth as much as $ 811 million last year, according to 2018 financial files.

Peter Mirijanian, a spokesman for attorney Jared Kushner, Abbe Lowell, stressed to Bloomberg that Kushner is no longer managing the company, adding that he has "been cut off from any business or investment decisions and has no idea No information about these activities. "

Fannie Mae and Freddie Mac are regulated by the Federal Housing Finance Agency, which is led by Joseph Otting, Trump's appointment. He used to be the chief executive of the OneWest Bank, now established-Secretary of the Exchequer Steven Mnuchin, who is considered a "close of Kushner" gel in the White House document, Bloomberg.

The property of Kushner Cos. Has been a target of a number of legal cases. The New York state is investigating tenant payments that they have been illegally forced out of their apartments in the Brooklyn building owned by Kushner Cos. So the homes could be sold as luxury condos.

Last year, New York City fined the $ 210,000 company for filing fake construction documents claiming that tenants who had been sheltered were not rented in flats that the company intended to sell.

In addition, the Attorney General of Maryland launched an investigation into operations at Kushner Cos. Nearly Baltimore apartments after a legal order from tenants accused the company of charging them inappropriate fees.

Kushner Cos's representatives have rejected any wrongdoing.

Source link